HAGERTY INC Stock Price, News & Analysis

The Amelia by Hagerty (NYSE: HGTY) celebrates its 30th anniversary of global motoring excellence from March 6-9, 2025, at the Golf Club of Amelia Island and The Ritz-Carlton Resort. Tickets go on sale September 12, 2024, at AmeliaConcours.com. The event kicks off The Amelia Car Week, featuring luxury automotive brands, immersive experiences, and live entertainment.

Concours d'Elegance highlights include Corvette at Sebring, Alfa Romeos of the 1930s, and Formula 1 Cars 1950-Present. The new showfield format will showcase nearly 300 cars across 30+ classes. The Amelia has donated over $4 million to charitable organizations since 1996 and will continue supporting local causes.

Motorlux, a Hagerty event, attracted 4,100 guests to the Monterey Jet Center on August 14, 2024, kicking off Monterey Car Week. The luxury event showcased 225 enthusiast vehicles and 14 aircraft, alongside culinary creations from 25 local chefs. The event featured global debuts of vehicles like the Kindred Motorworks EV Bronco and Meyers Manx Tarmac Touring Edition.

The Broad Arrow Auction, held during Motorlux, generated $71.5 million over two days, with an 85% sell-through rate. The auction's highlight was a 1997 Porsche 911 GT1 Rennversion, selling for $7,045,000. Five auction records were set, including a 1998 RUF CTR 2 at $2,095,000.

Motorlux benefits the CHP 11-99 Foundation and the Navy Post Graduate School Foundation. The next event is scheduled for August 13, 2025, at the Monterey Jet Center.

Motorlux, kicking off Monterey Car Week on August 14, 2024, at the Monterey Jet Center, promises an exciting blend of automotive excellence and culinary delights. The event will feature global vehicle debuts, iconic cars, and luxury aviation displays. Highlights include:

- Broad Arrow Auctions offering 65 cars, including rare models like the Porsche 911 GT1 Rennversion
- McLaren showcasing the new Artura Spider and 750S
- Kindred Motorworks debuting its EV Bronco
- Lotus Cars presenting the 400hp Emira Turbo
- Vista Jet displaying its Challenger 350 aircraft

The event will also feature culinary offerings from 25 world-class chefs and a selection of premier local Monterey wines.

Hagerty (NYSE: HGTY) reported strong Q2 2024 results, with Total Revenue up 20% year-over-year to $313.2 million. The company saw significant growth across key metrics:

- Written Premium increased 16% to $321.2 million
- Net Income rose to $42.7 million, up $27.1 million from last year
- Adjusted EBITDA grew to $53.1 million, an $18.7 million increase

Hagerty also raised its 2024 outlook, now expecting:
- Written Premium growth of 14-15%
- Total Revenue growth of 16-18%
- Net Income growth of 170-198%
- Adjusted EBITDA growth of 47-59%

The company maintained strong customer retention with a Policies in Force Retention of 89% and a Net Promoter Score of 82.

Hagerty, Inc. (NYSE: HGTY), a leading specialty vehicle insurance provider, has appointed Sean McMullan as its new Senior Vice President of Digital Marketplace and Valuation, effective August 26, 2024. McMullan, a former Amazon executive with nearly two decades of experience, will focus on driving profitable growth for Hagerty's Digital Marketplace and enhancing digital product offerings, including the Hagerty Valuation Tool.

At Amazon, McMullan held various leadership roles, most recently serving as Director of Artist Services for Amazon Music. His experience includes launching innovative products, international expansion, and building digital retail businesses. CEO McKeel Hagerty expressed excitement about McMullan's innovative mindset and expertise in digital marketplaces, which are expected to drive future growth and improve the buying and selling experience for auto enthusiasts.

Hagerty, Inc. (NYSE: HGTY), an automotive enthusiast brand and leading specialty vehicle insurance provider, has announced its plans to report second quarter 2024 financial results on Tuesday, August 6, 2024, before the market opens. The company will host a conference call to discuss the results at 10:00 am Eastern Time on the same day.

Investors and interested parties can access the live webcast of the conference call on Hagerty's investor relations website at investor.hagerty.com. For those who prefer to dial in, the toll-free number is (877) 423-9813, and the international number is (201) 689-8573. Participants are advised to dial in 10 minutes before the scheduled start time. A webcast replay of the call will be available on the investor relations website following the event.

Hagerty's 2024 'Future of Driving' survey reveals a strong interest in collector vehicles among Gen-Z, with 60% expressing interest compared to 31% of Baby Boomers. Key findings include:

• 77% of Gen Z respondents love or like driving
• 32% of Gen-Z and 30% of Millennials have owned or currently own a classic enthusiast vehicle
• SUVs are the most popular vehicle type overall, but Gen Z shows nearly equal interest in luxury cars
• 50% of drivers feel a sense of freedom when driving
• 27% perform DIY repairs, with Millennials most likely at 34%

The survey highlights a generational shift in car collecting, with younger enthusiasts showing interest in vehicles from the past four decades. Social media and car shows play important roles in introducing Gen Z to classic cars. Mazda Miatas (1990-1998) are the most inquired-about cars for insurance coverage among Gen Z enthusiasts.

Hagerty (NYSE: HGTY), an automotive enthusiast brand and specialty vehicle insurance provider, has appointed Anthony (Tony) J. Kuczinski to its Board of Directors, effective July 9, 2024. Kuczinski brings over 34 years of extensive experience in the insurance industry, having served as CEO of Munich Re US and holding various leadership roles. He also offers strategic advisory services and serves on multiple boards in the insurance sector. His appointment is expected to contribute significantly to Hagerty's long-term growth strategies. McKeel Hagerty, CEO and Chairman of the Board, expressed confidence in Kuczinski's ability to bolster Hagerty's profitable growth and enhance its offerings for automotive enthusiasts.

Hagerty, an automotive enthusiast brand and specialty vehicle insurance provider, announced the expiration and results of its exchange offer and consent solicitation for its various outstanding warrants. The offer expired on July 2, 2024, with 87.3% of Public Warrants, 98.4% of Private Placement Warrants, and 97.6% of PIPE Warrants being validly tendered. Hagerty will settle the exchange of these warrants for 0.2 shares of Class A common stock around July 5, 2024. The company received the necessary consent to amend the warrant agreements and will exchange remaining warrants for 0.18 shares each on July 22, 2024, with July 19, 2024, being the last trading day for the Public Warrants under the symbol HGTY.WS.